May 24 (Bloomberg) -- One of the Bush administration's most prominent foreign and economic policy voices, Deputy Secretary of State Robert Zoellick, may soon depart for the private sector.

Zoellick has told administration officials he will leave, probably to a Wall Street firm, if he isn't named to replace Treasury Secretary John Snow, two persons familiar with the matter said. A prominent Republican close to the White House said Zoellick has received indications that President George W. Bush is unlikely to tap him to replace Snow.

Zoellick, 52, reached by telephone last night, said he wouldn't comment. He has been a pivotal part of the administration, first as U.S. trade representative in Bush's first term and more recently as a top diplomat guiding U.S. policy toward China and trouble spots such as Sudan.

``I think he's been perhaps the most effective deputy secretary in decades, taking on really tough issues, and he's very much engaged in Sudan right now,'' said Stuart Eizenstat, undersecretary of state for economic affairs in President Bill Clinton's administration.

There has been speculation for more than a year that Snow would be replaced. And now, some top Republican officials, with only second-hand knowledge of Bush's thinking, say a replacement may come soon, although they don't know who or when.

The Financial Times reported yesterday that Zoellick is preparing to leave the administration and has held talks with Wall Street investment banks on job options, citing people close to the administration. The newspaper also said Zoellick had talked to Merrill Lynch & Co.

Seen at Merrill

In March, Zoellick was spotted by a reporter visiting the executive suites of Merrill Lynch's headquarters in lower Manhattan. Merrill spokesman Jason Wright declined to comment.

State Department spokesman Sean McCormack and White House spokesman Tony Snow said they wouldn't speak about a personnel matter.

It is possible, even if denied the Treasury post, that Zoellick will change his mind and remain in the administration, one person close to him said.

Zoellick's departure would deprive the administration of a key policy maker on China, one of the U.S.'s most important relationships. Secretary of State Condoleezza Rice has almost entirely handed the China portfolio to Zoellick, who coordinates a strategic dialogue designed to strengthen relations between the two nations.

Zoellick has not been shy about delivering tough messages. Three days before Chinese President Hu Jintao's visit to Washington last month, Zoellick described the change in China's currency policy as ``agonizingly slow.''

`Two-Way Street'

``We need to demonstrate that our relationship with China is a two-way street,'' Zoellick said in a speech to the Institute for International Economics in Washington. ``For us to be able to sustain this system, we're going to need their cooperation.''

The main issue is China's practice of keeping the yuan, a denomination of its currency, the renminbi, from rising against the dollar. By holding the yuan at artificially low levels, China gives its companies a built-in price advantage over foreign competitors in international export markets.

In a speech on China in New York on Sept. 21, Zoellick triggered gasps in the audience of China experts by urging China to be a ``responsible stakeholder'' in the international system.

He persuaded the most powerful rebel group in the restive western Sudanese area of Darfur to sign a peace agreement with the government after four sleepless nights of negotiations earlier this month in Abuja, Nigeria.

``He's what we call in French `tout terrain,''' said Pascal Lamy, head of the World Trade Organization, using the term for an all-terrain vehicle, to describe Zoellick in a March interview.

U.S. Senator John Sununu, a New Hampshire Republican, called Zoellick ``among the most intelligent people that I've seen working in this administration.''

During the Clinton administration, Zoellick was a senior international adviser for Goldman, Sachs & Co. and served as executive vice president at Washington-based Fannie Mae, the nation's largest mortgage finance company.

To contact the reporter on this story: Janine Zacharia in Washington at jzacharia@bloomberg.net

Last Updated: May 24, 2006 00:05 EDT